MIRA INFORM
REPORT
|
Report Date : |
22.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
INOX COMPANY S.R.L. |
|
|
|
|
Registered Office : |
Viale Della Repubblica, 2 Fizzonasco, 20077- Melegnano (MI) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
24.01.2007 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesaler of metalliferous minerals, ferrous metals and semi-finished
products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
40.000Eur. |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment
Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name & address
Inox Company S.r.l.
Viale Della
Repubblica, 2 Fizzonasco
20077 - Melegnano (MI) -IT-
Summary
|
Fiscal Code |
: |
05591400964 |
|
Legal Form |
: |
Limited liability company |
|
start of Activities |
: |
30/01/2007 |
|
Equity |
: |
250.000 Eur |
|
|
: |
5.000.000/6.500.000 Eur |
|
Number of Employees |
: |
from 6 to 10 |
Credit Analysis
|
Credit Opinion |
: |
40.000 - Eur |
Activity
Wholesale of metalliferous minerals, ferrous metals and semi-finished
products
Legal Data
Legal Form : Limited liability company
|
Fiscal Code : 05591400964 |
|
Foreign Trade Reg. no. : MI362455 since 27/04/2007 |
|
Chamber of Commerce no. : 1833454 of Milano since 02/02/2007 |
|
Establishment date |
: 24/01/2007 |
|
|
Start of Activities |
: 30/01/2007 |
|
|
Legal duration |
: 31/12/2050 |
|
|
Nominal Capital |
: 90.000 |
Eur |
|
Subscribed Capital |
: 90.000 |
Eur |
|
Paid up Capital |
: 90.000 |
Eur |
Members
|
|
Fochi |
Daniela |
|
|
|
Born in Broni |
(PV) |
on 20/01/1967 |
- Fiscal Code : FCHDNL67A60B201Y |
|
|
|
Residence : |
Via |
Padania |
, 41 |
- 27043 |
Broni |
(PV) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Institor |
21/02/2007 |
|
|
No Protests registered.
|
|
Longobardi |
Luigi |
|
|
|
Born in Pagani |
(SA) |
on 15/03/1971 |
- Fiscal Code : LNGLGU71C15G230A |
|
|
|
Residence : |
Via |
Petrarca |
, 16 |
- 80053 |
|
(NA) |
- IT - |
|
Position |
Since |
Shares Amount |
% Ownership |
|
Sole Director |
16/11/2009 |
|
|
No Protests registered.
Companies connected to members *
*checkings have been performed on a national scale.
In this module are listed the companies in which members hold or have
holded positions.
|
|
FOCHI |
DANIELA |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
CRAZY RACE DI FOCHI DANIELA |
Broni (PV) - IT - |
FCHDNL67A60B201Y |
Proprietor |
Active |
Registered |
|
|
LONGOBARDI |
LUIGI |
|
Firm's Style |
Seat |
Fiscal Code |
Position |
Position Status |
Firm's Status |
|
LONGOBARDI GENNARO E C. S.A.S. |
|
05330201210 |
Limited Partner |
Active |
Registered |
|
VIESSE INOX S.R.L. |
Melegnano (MI) - IT - |
03557970963 |
Sole Director |
Active |
Registered |
The indication "REGISTERED" as Firm Status could refer to
Firms in Liquidation, Active, Inactive, etc.
For more information, in this case, we advise to request further
investigations.
Capital Shareholders
Shareholders' list as at date of data collection:
|
Firm's Style / Name |
Seat / Residence |
Fiscal Code |
Owned Shares |
% Ownership |
|
Leonelli Felice |
Nocera Inferiore - IT - |
LNLFLC62H26L245M |
45.900 .Eur |
51,00 |
|
Leonelli Massimo |
|
LNLMSM64R22L245U |
44.100 .Eur |
49,00 |
Direct Participations
The Company under review has no participations in other Companies.
Firm's location and structure
In order to carry out its activities the firm uses the following
locations:
|
- |
Legal and operative seat |
|
|
|
|
|
|
Viale |
Della Repubblica |
, 2 |
- 20077 |
- Melegnano |
(MI) |
- IT - |
|
|
|
|
Employees |
: 8 |
|
Stocks for a value of 330.000 |
Eur |
Protests
Protests checking on the subject firm has given a negative result.
Legal Procedures
None reported, standing to the latest received edition of the Official
Publications.
Immovables *
*Subject to survey.
None reported in the name of the Firm.
Financial and Economical Analysis
Company's starting of activities dates back to some years ago (2007).
The analysis is based on the latest 3 balance sheets.
Under an economic point of view, profits were registered during the last
years with a r.o.e. of 0,91% in 2009 but without a significant increase in the
turnover.
The return on Investment in the last financial year was positive (3,57%)
and in line with the sector's average.
The amount of the operating result is equal to Eur. 109.656 showing a
fall as opposed to the previous year (-65,46%).
A gross operating margine for a value of Eur. 152.590 was reached.
showing a downward trend as opposed to the previous year.
Financial condition is not balanced as own capitals do not cover debts,
indebtedness level is in fact high (10,13) which is anyway decreasing.
The management generated equity capital for an amount of Eur. 232.891 on
the same levels as the year before.
During the last financial year debts totalled Eur. 2.754.198 (Eur.
330.254 of which were m/l term debts) with a downward trend if compared to the
preceding year (-45,62%).
Companys' indebtedness is fairly high in relation to its net worth;
payments average period is slow even in comparison with the sector's.
Liquidity is however good.
Accounts receivable average term is high (150,45 days). besides being
higher than the sector's average.
During financial year 2009 the cash flow amounted to Eur. 45.058
During 2009 financial year labour costs amounted to Eur. 412.234, with a
10,5% incidence on production costs. , with a 8% incidence on turnover.
Financial charges are high: the incidence on sales volume amounts to
-1,9%
Financial Data
|
|
|
Complete balance-sheet for the year |
31/12/2009 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
5.151.289 |
|
Profit (Loss) for the period |
2.124 |
|
|
|
Complete balance-sheet for the year |
31/12/2008 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
5.141.651 |
|
Profit (Loss) for the period |
19.088 |
|
|
|
Complete balance-sheet for the year |
31/12/2007 |
(in Eur |
x 1 ) |
|
Item Type |
Value |
|
Sales |
7.573.966 |
|
Profit (Loss) for the period |
21.681 |
Balance Sheets
From our constant monitoring of the relevant Public Administration
offices, no more recent balance sheets result to have been filed.
|
- Balance Sheet as at 31/12/2009 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2008 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
- Balance Sheet as at 31/12/2007 - 12 Mesi - Currency: Eur - Amounts x
1 |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
RATIOS |
Value Type |
as at 31/12/2009 |
as at 31/12/2008 |
as at 31/12/2007 |
Sector Average |
|
COMPOSITION ON
INVESTMENT |
|
|
|
|
|
|
Rigidity Ratio |
Units |
0,15 |
0,09 |
0,09 |
0,10 |
|
Elasticity Ratio |
Units |
0,84 |
0,91 |
0,91 |
0,88 |
|
Availability of stock |
Units |
0,11 |
0,27 |
0,28 |
0,21 |
|
Total Liquidity Ratio |
Units |
0,73 |
0,63 |
0,63 |
0,60 |
|
Quick Ratio |
Units |
0,02 |
0,00 |
0,05 |
0,02 |
|
COMPOSITION ON
SOURCE |
|
|
|
|
|
|
Net Short-term indebtedness |
Units |
10,13 |
19,47 |
23,96 |
4,25 |
|
Self Financing Ratio |
Units |
0,08 |
0,04 |
0,04 |
0,15 |
|
Capital protection Ratio |
Units |
0,60 |
0,53 |
0,47 |
0,63 |
|
Liabilities consolidation quotient |
Units |
0,16 |
0,13 |
0,00 |
0,10 |
|
Financing |
Units |
11,83 |
21,95 |
25,38 |
5,13 |
|
Permanent Indebtedness Ratio |
Units |
0,20 |
0,16 |
0,04 |
0,27 |
|
M/L term Debts Ratio |
Units |
0,12 |
0,11 |
0,00 |
0,06 |
|
Net Financial Indebtedness Ratio |
Units |
2,85 |
n.c. |
n.c. |
1,37 |
|
CORRELATION |
|
|
|
|
|
|
Fixed assets ratio |
Units |
1,34 |
1,73 |
0,45 |
2,27 |
|
Current ratio |
Units |
1,06 |
1,08 |
0,95 |
1,17 |
|
Acid Test Ratio-Liquidity Ratio |
Units |
0,93 |
0,76 |
0,66 |
0,88 |
|
Structure's primary quotient |
Units |
0,51 |
0,48 |
0,41 |
1,41 |
|
Treasury's primary quotient |
Units |
0,03 |
0,00 |
0,06 |
0,04 |
|
Rate of indebtedness ( Leverage ) |
% |
1.320,15 |
2.323,86 |
2.664,28 |
642,31 |
|
Current Capital ( net ) |
Value |
152.855 |
381.574 |
-256.252 |
237.601 |
|
RETURN |
|
|
|
|
|
|
Return on Sales |
% |
0,87 |
1,16 |
0,95 |
2,35 |
|
Return on Equity - Net- ( R.O.E. ) |
% |
0,91 |
8,27 |
10,24 |
9,18 |
|
Return on Equity - Gross - ( R.O.E. ) |
% |
6,57 |
21,67 |
21,37 |
24,88 |
|
Return on Investment ( R.O.I. ) |
% |
3,57 |
5,92 |
3,48 |
5,29 |
|
Return/ Sales |
% |
2,13 |
6,17 |
2,59 |
3,80 |
|
Extra Management revenues/charges incid. |
% |
1,94 |
6,01 |
11,06 |
29,89 |
|
Cash Flow |
Value |
45.058 |
59.815 |
71.958 |
72.037 |
|
Operating Profit |
Value |
109.656 |
317.478 |
196.050 |
111.392 |
|
Gross Operating Margin |
Value |
152.590 |
358.205 |
246.327 |
157.181 |
|
MANAGEMENT |
|
|
|
|
|
|
Credits to clients average term |
Days |
150,45 |
n.c. |
n.c. |
122,43 |
|
Debts to suppliers average term |
Days |
199,46 |
n.c. |
n.c. |
140,58 |
|
Average stock waiting period |
Days |
23,24 |
103,13 |
75,43 |
50,79 |
|
Rate of capital employed return ( Turnover ) |
Units |
1,68 |
0,96 |
1,34 |
1,45 |
|
Rate of stock return |
Units |
15,49 |
3,49 |
4,77 |
7,00 |
|
Labour cost incidence |
% |
8,00 |
7,42 |
5,47 |
7,00 |
|
Net financial revenues/ charges incidence |
% |
- 1,90 |
- 5,09 |
- 1,99 |
- 0,99 |
|
Labour cost on purchasing expenses |
% |
10,50 |
8,05 |
4,62 |
7,12 |
|
Short-term financing charges |
% |
3,56 |
5,20 |
2,81 |
2,32 |
|
Capital on hand |
% |
59,68 |
104,30 |
74,46 |
68,54 |
|
Sales pro employee |
Value |
429.274 |
642.706 |
540.997 |
481.724 |
|
Labour cost pro employee |
Value |
34.352 |
47.658 |
29.576 |
33.060 |
Credit Opinion
On the basis of the above mentioned, and the sales volume obtained, we deem
that the maximum exposure for short and medium term transactions ( 90 - 120
days ) could be of:
40.000Eur.
Market / Territory Data
|
Population living in the province |
: |
3.839.216 |
|
Population living in the region |
: |
9.393.092 |
|
Number of families in the region |
: |
3.858.736 |
Monthly family expenses average in the region (in Eur.) :
|
- per food products |
: |
460 |
|
- per non food products |
: |
2.090 |
|
- per energy consume |
: |
114 |
Sector Data
The values are calculated on a base of 6.137 significant companies.
The companies cash their credits on an average of 122 dd.
The average duration of suppliers debts is about 140 dd.
The sector's profitability is on an average of 2,35%.
The labour cost affects the turnover in the measure of 7,00%.
Goods are held in stock in a range of 50 dd.
The difference between the sales volume and the resources used to
realize it is about 1,45.
The employees costs represent the 7,12% of the production costs.
Statistical Detrimental Data
The area is statistically considered lowly risky.
In the region 50.886 protested subjects are found; in the province they
count to 24.765.
The insolvency index for the region is 0,55, , while for the province it
is 0,66.
Total Bankrupt companies in the province : 22.523.
Total Bankrupt companies in the region : 39.612.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.